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☆ Coach owner Tapestry acquires rival Capri Holdings for $8.5 billion adding Michael Kors and Versace to its offering to create a US fashion giant
▼ + stars: | 2023-08-10 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion. The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally. Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo. And it could give Tapestry greater influence in the luxury market to take on European powerhouses LVMH and Kering, which own a string of luxury brands including Louis Vuitton, Tiffany's, and Gucci. By acquiring Capri, Tapestry will add three well-known luxury brands to its roster.

Persons: Tapestry, Michael Kors, Kate Spade, Versace, Jimmy Choo, Louis Vuitton, Gucci, Neil Saunders, it's Organizations: Capri Holdings, Service, GlobalData Locations: Wall, Silicon, Tiffany's

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

☆ Coach is the new 'cool girl' brand for Gen Z
▼ + stars: | 2023-08-10 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

After years of sluggish sales, Coach is seeing regained interest from Gen Z consumers. Gen Z increased its spending on Coach by 10% so far this year, according to a new report. According to a consumer spending report from Earnest Analytics, consumers under the age of 25 increased their spending on the Coach brand by 10% from January through June of this year. Once self-touted as "accessible luxury," Coach has since updated that message and its offerings to reinvent itself. In doing so, it hoped to tap into Gen Z and Millennial shoppers' values and re-elevate its luxury status.

Persons: Gen, Lil Nas, Earnest, Camila Mendes, Joon Silverstein, Coach's, Silverstein, Z, Todd Kahn, Nas X, Kate Spade, Stuart Weitzman, Michael Kors, Jimmy Choo, Versace Organizations: Service, Vogue Business, Business, Fashion, Capri Holdings, Capri Locations: Wall, Silicon, Riverdale, American, York

Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.

Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China

☆ Tapestry and Capri are combining in an $8.5 billion deal
▼ + stars: | 2023-08-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Tapestry Inc., which owns Kate Spade and Coach, announced Thursday that it’s acquiring Capri Holdings, the parent company of Michael Kors and Versace. The $8.5 billion deal could help them better compete against their higher-end European rivals. Under terms of the deal, Capri shareholders will get $57 per share. Coach changed its parent name to Tapestry in 2017 and Michael Kors switched to Capri after it bought Versace in 2018. Those warning signs have “put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth,” Saunders said.

Persons: New York CNN — Michael Kors, Kate Spade, Michael Kors, Versace, Stuart Weitzman, Jimmy Choo, Neil Saunders, ”, Jean, Jacques Guiony, ” Saunders Organizations: New, New York CNN, Tapestry Inc, Capri Holdings, ”, Capri Locations: New York, United States

☆ A Burger King worker who says he's never missed a day of work in 27 years has been given $400,000 in crowdfunding donations after going viral on TikTok
▼ + stars: | 2023-08-08 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A Burger King worker has been given $400,000 in crowdfunding donations after going viral last year. The video showed Kevin Ford being given a paltry goody bag to celebrate his 27-year tenure. "Like most big corporations, they've kind of lost touch with their workers," Ford told TMZ last year. "I feel like the whole world lifted me up," Ford told Today in December. Burger King told PEOPLE that the video showed Ford receiving a "peer-to-peer reward in recognition of a short-term positive performance/experience."

Persons: Kevin Ford, HMSHost, Ford, David Spade, Burger, Burger King Organizations: Burger, Service, Las Vegas McCarran International Airport, TMZ Locations: Wall, Silicon, Nevada, Texas

☆ Rising costs, declining demand, massive consolidation and government scrutiny: the death industry is changing, maybe for good
▼ + stars: | 2023-08-03 | by ( Madison Hall | ) www.businessinsider.com time to read: +10 min

More and more Americans are choosing to move away from the traditional burial process after they die. As the 2022 NFDA Cremation & Burial Report explained, "Typically, cremations cost 40% less than funerals with burials." As of 2022, the aquamation process, also known as alkaline hydrolysis, is legal in 24 states and legislation to legalize it is circulating in several other states. But while these two innovative funeral homes offer their price lists on their websites, they are not required to. The potential rule change is also being monitored by the Funeral Consumers Alliance, which has been pushing for the change for decades.

Persons: Jack Mitchell, cremation's, Mitchell, Sara Williams, Hunter Beattie, Beattie, aquamation, Spade, that's, We're, Williams Organizations: Service, Federal Trade Commission, Director's, Public Religion Research Institute, Kaiser Family Foundation, Census Bureau, Consumers Alliance, Directors, FTC Locations: Wall, Silicon, North Carolina, aquamation, Washington

☆ Vietnam EV maker VinFast plans US listing in August after regulator nod
▼ + stars: | 2023-07-28 | by ( Phuong Nguyen | ) www.reuters.com time to read: +2 min

The EV maker had filed for an initial public offering in the U.S. to list on the Nasdaq in December last year, but in May it announced plans to list through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A). VinFast and Black Spade aim to complete the merger by August, subject to shareholder approvals and other customary closing conditions, they said in a joint statement on Friday. "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said. Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast on August 10, the joint statement said. The new merged entity was estimated by VinFast and Black Spade to have a potential equity value of $23 billion, according to their statement.

Persons: Black Spade, Dennis Tam, VinFast's, Nikola Corp, VinFast, Phuong Nguyen, Louise Heavens, Jane Merriman Organizations: Securities and Exchange Commission, Nasdaq, Spade, SEC, Faraday, Nikola, VinFast, Thomson Locations: HANOI, United States, U.S, North Carolina

☆ Vietnam EV maker VinFast to list in the U.S. in August after regulator nod
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

HANOI, July 28 (Reuters) - Vietnamese electric vehicle maker VinFast said on Friday it is planning to list in the United States next month via a blank-cheque company after the Securities and Exchange Commission (SEC) gave the go ahead to its proposed business combination. VinFast, a unit of Vietnam's biggest conglomerate Vingroup (VIC.HM), announced in May it would go public through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A). VinFast and Black Spade aim to complete the merger by August, they said in a joint statement. "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said. Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast, the joint statement said.

Persons: VinFast, Black Spade, Dennis Tam, Phuong Nguyen, Louise Heavens Organizations: Securities and Exchange Commission, SEC, Spade, Thomson Locations: HANOI, United States

☆ Vietnam's EV maker VinFast set to break ground on delayed U.S. factory
▼ + stars: | 2023-07-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

VinFast is set to break ground on its delayed U.S. factory on Friday. Vietnam's VinFast will begin construction on its electric vehicle factory in North Carolina on Friday morning local time, the Vietnamese automaker confirmed with CNBC. VinFast vehicles do not currently qualify because they are not built in the country, but are built in Vietnam. The company is also pricing its VF 9 model at a considerable discount to the comparable Tesla Model X. A Tesla Model X costs about $100,000.

Persons: VinFast, Le, CNBC's, Vietnam's VinFast, — CNBC's Penny Chen Organizations: EV, Thuy, CNBC, U.S, Tesla, headcount, Spade Locations: U.S, North Carolina, Vietnam

☆ Hollywood Strikes Mean Steady Diet of Reruns, Game Shows and Reality TV
▼ + stars: | 2023-07-24 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

Scripted television series premiering at a slower pace. The “New Releases” and “Just Added” banners on streaming services piling up with reality shows, documentaries and international fare. Ninety-minute episodes of “Survivor” and “60 Minutes.” A steady diet of Pat Sajak, Steve Harvey and David Spade hosting game shows in prime time. For the better part of a decade, viewers have been inundated with dozens of new scripted shows every month, an overwhelming era in entertainment known as Peak TV. The days of 600 new scripted shows a year are officially over and unlikely to return.

Persons: Pat Sajak, Steve Harvey, David Spade Organizations: Survivor

☆ Vietnam EV maker VinFast to start construction of US factory next week
▼ + stars: | 2023-07-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +1 min

HANOI, July 19 (Reuters) - Vietnamese automaker VinFast said on Wednesday it would start construction of a $4 billion electric vehicle factory in North Carolina next week as part of its push to expand in the United States market. The unit of Vietnam's largest conglomerate Vingroup (VIC.HM), which began operations in 2019, announced plans for the U.S. factory last year. It is targeting the start of production in 2025, a year later than its initial plan. "When it begins operations, the factory will be VinFast's primary supplier of electric vehicles to the North American market," said Thuy Le, head of VinFast Auto. The project's first phase includes a $2 billion investment in a factory capable of producing 150,000 vehicles a year.

Persons: VinFast, Thuy Le, Tesla, China's, Vinfast, Phuong Nguyen, Jamie Freed Organizations: U.S, North, VinFast Auto, Spade, Thomson Locations: HANOI, North Carolina, United States, North American, California

☆ One of Russia's most senior generals in Ukraine said he was fired for questioning the Kremlin's war management, and accused his bosses of backstabbing his men and 'decapitating' the army
▼ + stars: | 2023-07-13 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

A top Russian general in Ukraine is accusing the Kremlin of "decapitating" the war effort. Maj. Gen. Ivan Popov said he was giving honest feedback to his bosses, and was immediately fired. In his voice note, Popov said he was faced with the choice of either telling his bosses what they wanted to hear or to "call a spade a spade." As of Wednesday evening, neither the Russian state media nor the Defense Ministry has commented on Popov's remarks, whether he has been fired, or on the circumstances of such a dismissal. Gurulyov, the state duma member who published Popov's voice note, confirmed to Russian state TV on Wednesday that Tsokov was killed.

Persons: Ivan Popov, Popov, Andrey Gurulev, Valery Gerasimov, vilely, Popov's, Oleg Tsokov, Tsokov, Sergei Surovikin, Wagner, Gerasimov, Surovikin, Andrei Kartapolov Organizations: Kremlin, Service, Defense, Arms Army, Telegram, duma, CNN, Defense Ministry, Russia's Defense Ministry, Reuters, Kyiv's, Russia's, Army, The New York Times, Times Locations: Russian, Ukraine, Wall, Silicon, Ukraine's Zaporizhzhia, Russia, Balakliya, Kharkiv, Zaporizhzhia, Berdiansk

☆ What the Hollywood Actors and Writers Strikes Mean for TV and Movies
▼ + stars: | 2023-07-13 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

For more than two months, viewers have been without new episodes of late-night shows like “The Late Show With Stephen Colbert,” “Jimmy Kimmel Live!” and “The Tonight Show Starring Jimmy Fallon” because of the writers strike. With the actors now voting to strike too, viewers are likely to notice the effects of the dual walkouts more broadly within the next couple of months. Unless there is an immediate resolution to the labor disputes, the fall television lineup is almost certain to be affected. Instead of new episodes of “Grey’s Anatomy” or “Abbott Elementary,” the ABC fall lineup in September will be populated by a combination of reality series, game shows and reruns. That means lots of episodes of “Celebrity Wheel of Fortune,” “Dancing With the Stars” and “Judge Steve Harvey.”Likewise, the Fox broadcast network announced its fall lineup on Wednesday, and it is packed with unscripted series like “Celebrity Name That Tune,” “The Masked Singer,” “Kitchen Nightmares” and “Snake Oil,” a new game show hosted by David Spade.

Persons: Stephen Colbert, ”, Jimmy Kimmel, Jimmy Fallon ”, “, Abbott, Steve Harvey, Singer, David Spade Organizations: ABC, Fox

☆ This Extinct Dolphin Had Tusks That Fish Were Wise to Avoid
▼ + stars: | 2023-06-13 | by ( Jack Tamisiea | ) www.nytimes.com time to read: +1 min

The waters off New Zealand 25 million years ago were home to early baleen whales, megatooth sharks and human-size penguins. Now researchers are adding a bizarre dolphin to the mix that may have used tusklike teeth to thrash prey into submission. “Mentally, I just couldn’t figure out what could possibly need teeth like that,” Dr. Coste said. In a paper published Wednesday in the journal Proceedings of the Royal Society B, Dr. Coste and her colleagues described the snaggletoothed dolphin as a unique species, Nihohae matakoi. The curious cetacean’s genus, Nihohae, is a combination of the Maori words for “teeth” and “slashing.”

Persons: Amber Coste, Coste Organizations: New Zealand, University of Otago, Royal Society B Locations: New, Otago

☆ In Richard Ford’s New Novel, One More Trip for Old Times’ Sake
▼ + stars: | 2023-06-05 | by ( Dwight Garner | ) www.nytimes.com time to read: +2 min

In “The Sportswriter,” the first novel in this series, Frank started out as a sensitive young literary man who had published a book of stories. Though the Bascombe novels are set mostly in New Jersey’s wealthier suburbs, they are, oddly, road novels. Springsteen went from “Darkness on the Edge of Town” to “Letter to You.” Holy moly. Ford went from “Independence Day” and “The Lay of the Land” to “Let Me Be Frank With You” and “Be Mine.” Good Lord. The Bascombe novels are road novels, as well, because they are set during holidays, when families are in flux.

Persons: ”, Frank, Ford, yank, John Updike, Roth, Nathan Zuckerman, Angstrom, Bruce Springsteen —, Springsteen Organizations: Toyota Locations: New Jersey

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ Vietnam EV maker Vinfast expects to break even by end-2024 - founder
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

HANOI, May 17 (Reuters) - Vietnam's electric automaker VinFast expects to break even by the end of 2024, its founder said on Wednesday. Vinfast will also launch an EV-pickup truck and a city or "mini car" as future models, Pham Nhat Vuong, chairman of conglomerate Vingroup (VIC.HM) and founder of its auto unit VinFast, told investors at the company's annual general meeting. VinFast said earlier this month that it would list in the United States via a merger with a special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.N). VinFast, which is looking to break into the U.S. and European markets for electric cars, had earlier received funding pleges of $2.5 billion from Vingroup, Vietnam's largest conglomerate, and its founder, Vuong, Vietnam's first billionaire. Reporting by Phuong Nguyen in Hanoi and Kevin Krolicki in Singapore; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ Stocks making the biggest moves midday: Shake Shack, Charles Schwab, Activision Blizzard and more
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oneok shares slid 7.7%. The IRS is due to release the report this week, the Wall Street Journal reported. Activision shares added 1%, while Microsoft was little changed. The Wall Street firm said shares trade at a significant discount to peers. The Coach and Kate Spade parent has a strong valuation and long-term investment case, the Wall Street firm said.

☆ Vietnam’s Tesla debuts with wrong kind of power
▼ + stars: | 2023-05-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Vietnam’s richest man is taking his electric-vehicle company, VinFast, public at a punchy valuation through a merger with casino mogul Lawrence Ho’s special-purpose acquisition company. The tie-up with Black Spade Acquisition Co (BSAQ.N) means VinFast doesn’t have to wait for the market for initial public offerings to improve to make its debut. The SPAC deal values VinFast at 42 times its sales in 2022, a stunning seven times Tesla’s (TSLA.O) multiple and more than twice the multiple of Lucid (LCID.O). But despite the big eye-catching U.S. debut, existing investors will own 99% of the company after the deal. The merger values the Tesla challenger’s equity at $23 billion, not including the $169 million of Black Spade’s cash, and its enterprise including debt at about $27 billion.

☆ Pricing Power: This Is Kate Spade’s Hottest Bag…and It Costs $500
▼ + stars: | 2023-05-13 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

One of Kate Spade’s most popular styles is a handbag that looks like a sheepdog. Photo: kate spade new yorkThere’s a new status symbol in corporate America: the ability to keep raising prices. Companies continue to jack up prices on a range of goods from diapers to handbags—and some are even bragging about it to investors as a sign of brand strength. In some cases, the increases more than cover the hit from higher raw material, labor and other costs, fattening profit margins.

☆ Vietnam EV maker VinFast to list in U.S. via a SPAC
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +2 min

Vietnamese electric automaker VinFast said on Friday it will list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co . The company has said it has almost 55,000 orders globally and is able to churn out 300,000 EVs per year. Black Spade Acquisition is a Hong Kong-based SPAC which listed on the NYSE in July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website. It was founded by Black Spade Capital Limited, the private investment arm of Lawrence Ho, the head of Melco Resorts & Entertainment Ltd, which operates casinos in Macau and the Philippines, according to the company's website and Refinitiv. "The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions," Thuy Le, VinFast's global chief executive, said.

☆ Stocks making the biggest moves premarket: PacWest, Disney, Robinhood and more
▼ + stars: | 2023-05-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

PacWest — Shares plunged 20% after the regional bank stock said deposits fell 9.5% for the week ended May 5. Other regional banks stocks moved lower on the news, with Western Alliance and First Horizon down 7.3% and 3.2%, respectively. The company also reported revenue and profit that was roughly in line with Wall Street's expectations. AppLovin — Shares soared more than 16% in premarket trading following the company's first-quarter revenue and-second quarter guidance beat after the bell Wednesday. Analysts had anticipated a loss of $1.01 per share on revenue of $90.8 million, according to Refinitiv.

Cook will meet Modi on Wednesday in New Delhi, said the two sources, who included an Indian government official. One of the sources added the Apple chief would also meet India's deputy IT minister Rajeev Chandrasekhar. Modi's office declined to comment, while Apple and the IT ministry did not immediately respond to requests for comment. The sources did not elaborate, but Cook's meetings come amid Apple's growing focus on India, the world's second-largest smartphone market. The Mumbai store is in the premier Reliance Jio World Drive mall, home to luxury clothing and jewellery brands like Michael Kors, Kate Spade and Swarovski.

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